Adobe (NASDAQ:ADBE) Rating Lowered to Buy at StockNews.com

Adobe (NASDAQ:ADBE) was downgraded by StockNews.com from a “strong-buy” rating to a “buy” rating in a report released on Monday.

ADBE has been the subject of several other reports. Stifel Nicolaus cut their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. BMO Capital Markets decreased their target price on Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 price target (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. UBS Group decreased their price objective on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. Finally, Royal Bank of Canada cut their target price on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Stock Up 0.7 %

Shares of NASDAQ ADBE traded up $3.06 during mid-day trading on Monday, hitting $429.99. The company had a trading volume of 3,976,733 shares, compared to its average volume of 4,102,276. The company has a current ratio of 1.07, a quick ratio of 1.11 and a debt-to-equity ratio of 0.29. The firm has a 50-day simple moving average of $476.55 and a two-hundred day simple moving average of $512.03. The company has a market capitalization of $189.28 billion, a PE ratio of 34.68, a price-to-earnings-growth ratio of 1.97 and a beta of 1.31. Adobe has a one year low of $403.75 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same period last year, the company earned $3.52 earnings per share. The business’s revenue was up 11.1% compared to the same quarter last year. On average, equities analysts expect that Adobe will post 16.65 EPS for the current year.

Insider Activity at Adobe

In related news, CAO Jillian Forusz sold 676 shares of the stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This represents a 19.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Amy Banse sold 606 shares of the business’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,763 shares of company stock valued at $893,665 over the last ninety days. 0.15% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Adobe

Large investors have recently bought and sold shares of the company. Westwood Holdings Group Inc. raised its stake in shares of Adobe by 26.5% during the second quarter. Westwood Holdings Group Inc. now owns 9,287 shares of the software company’s stock valued at $5,159,000 after acquiring an additional 1,948 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its position in Adobe by 333.4% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,104 shares of the software company’s stock worth $3,947,000 after purchasing an additional 5,465 shares during the last quarter. Commonwealth Financial Services LLC raised its position in Adobe by 3.7% during the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after purchasing an additional 19 shares during the last quarter. HighVista Strategies LLC acquired a new position in Adobe during the 2nd quarter worth about $1,722,000. Finally, Harmony Asset Management LLC grew its position in shares of Adobe by 1.6% in the 2nd quarter. Harmony Asset Management LLC now owns 6,548 shares of the software company’s stock valued at $3,638,000 after buying an additional 100 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Company Profile

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.